Seth Klarman has been the manager of the Boston-based hedge fund, Baupost, for over three decades.
During this time, he's seen some of the most volatile market environments of all time. These include the financial crisis and the dot-com bubble.
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However, Klarman has been able to navigate these stormy waters quite successfully by sticking to a value-focused investment strategy.
Thanks to his stewardship, since inception, Baupost has returned around 20% annualized for its investors.
The fund has been able to post this return even though its allocation to cash has often exceeded 30%.
Klarman's letters to investors at the...
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